Blend Labs Inc (BLND) 2023 Q3 法說會逐字稿

Good afternoon, and welcome to Blend's Third Quarter 2023 Earnings Conference Call. My name is Winnie Ling, and I'm Head of Legal for the company. Joining us today are Nima Ghamsari, Co-Founder and Head of Blend; and Amir Jafari, our Head of Finance and Administration. After Nima and Amir deliver their prepared remarks, we will open up the call for questions moderated by our Investor Relations Lead, Bryan Michaleski. You can find the supplemental slides on our Investor Relations web page at investor.blend.com.

下午好，歡迎參加 Blend 2023 年第三季財報電話會議。我叫 Winnie Ling，是公司的法務主管。今天加入我們的是 Nima Ghamsari，共同創辦人兼 Blend 主管；以及我們的財務和行政主管 Amir Jafari。在 Nima 和 Amir 發表準備好的演講後，我們將開始提問，由我們的投資者關係主管 Bryan Michaleski 主持。您可以在我們的投資者關係網頁 Investor.blend.com 上找到補充投影片。

During the call, we will refer to certain non-GAAP measures, which are reconciled to GAAP results in today's earnings release and in the appendix to our supplemental slides. Non-GAAP measures are not intended to be a substitute for GAAP results. Also, certain statements made during today's conference call regarding Blend and its operations, in particular, its guidance for the fourth quarter and fiscal year 2023 may be considered forward-looking statements under federal securities laws.

在電話會議期間，我們將提及某些非 GAAP 衡量標準，這些衡量標準與今天的收益發布和補充幻燈片附錄中的 GAAP 結果一致。非 GAAP 衡量標準無意取代 GAAP 結果。此外，根據聯邦證券法，今天的電話會議期間發表的有關 Blend 及其運營的某些聲明，特別是其第四季度和 2023 財年的指導可能被視為前瞻性聲明。

The company cautions you that forward-looking statements involve substantial risks and uncertainties and a number of factors, many of which are beyond the company's control, could cause actual results, events or circumstances to differ materially from those described in these statements. Please see the risk factors we've identified in our most recent 10-K and 10-Qs and other SEC filings. We are not undertaking any commitment to update these statements if conditions change, except as required by law.

本公司提醒您，前瞻性陳述涉及重大風險和不確定性，並且許多因素（其中許​​多因素超出了公司的控制範圍）可能導致實際結果、事件或情況與這些陳述中描述的結果、事件或情況存在重大差異。請參閱我們在最近的 10-K 和 10-Q 以及其他 SEC 文件中確定的風險因素。除非法律要求，否則我們不承諾在情況改變時更新這些聲明。

I'll now turn the call over to Nima.

我現在就把電話轉給尼瑪。

Thank you, Winnie, and good afternoon, everyone. Many of you joined us for our inaugural Investor Day in September, during which we shared a deeper look into our growth trajectory and the significant upside that exists as we continue scaling our Builder Platform to more customers and into more markets. As we stand today, we have a market-leading platform, an incredibly loyal and resilient customer base and an efficient business model that we believe has set our company up for success now and in the long term.

謝謝你，溫妮，大家午安。你們中的許多人參加了 9 月的首屆投資者日活動，期間我們深入探討了我們的成長軌跡，以及我們繼續將 Builder 平台擴展到更多客戶和更多市場時所存在的顯著優勢。就我們今天而言，我們擁有市場領先的平台、極其忠誠和有彈性的客戶群以及高效的業務模式，我們相信這些為我們公司現在和長期的成功奠定了基礎。

For today's discussion, I want to emphasize how we've leveraged this foundation in our third quarter to better serve our customers and to do so with greater efficiency. Starting with our third quarter highlights, I'm pleased to share that we achieved another strong quarter amidst a very challenging environment. We delivered $40.6 million in total company revenue, well within the narrowed guidance range we provided at our Investor Day. We credit this to double-digit year-over-year revenue growth in Consumer Banking as we continue deployments and ramp-ups on our Builder Platform. In fact, as of Q3, over 1/3 of our customers are now live or in active deployment with Builder enabled consumer banking products. In addition to these active deployments, we expanded our pipeline to 60 opportunities up from the 40 we reported last quarter, representing opportunities in both our mortgage suite and our consumer banking suite.

在今天的討論中，我想強調我們如何在第三季利用這項基礎來更好地服務我們的客戶並提高效率。從第三季的亮點開始，我很高興地告訴大家，我們在充滿挑戰的環境中又取得了強勁的季度業績。我們實現了 4,060 萬美元的公司總收入，完全在我們在投資者日提供的縮小的指導範圍內。我們將此歸功於我們繼續部署和擴大 Builder 平台，消費者銀行業務的收入較去年同期實現兩位數成長。事實上，截至第三季度，我們超過 1/3 的客戶現已使用或正在積極部署支援 Builder 的消費銀行產品。除了這些積極的部署之外，我們還將管道機會從上季度報告的 40 個增加到 60 個，這代表了我們的抵押貸款套件和消費者銀行套件中的機會。

On the mortgage side, specifically, our business once again outperformed the broader origination market declines driven by the continued utilization growth of our mortgage product add-ons, including verification of income and our closing product. In Q3 alone, we deployed a dozen revenue-generating mortgage products or feature enhancements, which we expect to continue to benefit the economic value we receive per loan.

具體而言，在抵押貸款方面，我們的業務再次跑贏了由我們的抵押貸款產品附加產品（包括收入驗證和結帳產品）利用率持續增長推動的更廣泛的原始市場下滑。僅在第三季度，我們就部署了十幾種創收抵押貸款產品或功能增強功能，我們預計這些產品將繼續有利於我們每筆貸款所獲得的經濟價值。

Our continued market outperformance in the loan origination market underscores the impact of Blend's technology and improving efficiency and cost savings across the entire mortgage process. And this also remains a key focus for us. On top of that, we've also made significant strides in enhancing our operating efficiency this quarter. We saw strong resilience in our non-GAAP gross margins even amidst the declining mortgage market and achieved another quarter of sequential reduction in our cash spend.

我們在貸款發放市場上持續領先的表現凸顯了 Blend 技術的影響以及整個抵押貸款流程中效率提高和成本節約的影響。這也仍然是我們關注的重點。最重要的是，本季我們在提高營運效率方面也取得了重大進展。即使在抵押貸款市場下滑的情況下，我們的非公認會計原則毛利率也表現出強勁的彈性，現金支出又實現了一個季度的連續減少。

Balancing our growth while making our business more efficient has been a crucial undertaking for us and it's something that we will continue to focus heavily on over the next year. With Builder now as our primary internal development tool, we believe we are in a much stronger position to continue the pace of innovation with greater speed, scale and efficiency.

平衡我們的成長，同時提高我們的業務效率一直是我們的重要任務，也是我們明年將繼續專注的事情。現在，隨著 Builder 作為我們主要的內部開發工具，我們相信我們處於更有利的地位，能夠以更快的速度、更大規模和更有效率地繼續創新步伐。

All of this represents continued execution on both the revenue and operating loss targets. As we stated at the beginning of the year, we are more focused than ever on delivering to our customers and doing so in a profitable way for our business.

所有這些都意味著收入和營業虧損目標的持續執行。正如我們在年初所說，我們比以往任何時候都更加專注於為客戶提供服務，並為我們的業務帶來盈利。

With that, we are paying attention to the interest rate environment. We've seen the 10-year treasury yield at 5% for the first time in over a decade, and that has had a real impact on our customers and on us in the short term. Despite that, we are optimistic that we're executing well within the areas of our control. What that means is, we'll continue to focus on growing our customer base, our consumer banking business and expanding the value we received for mortgage funding and maintain the high quality of service for all of our customers. Altogether, these actions will ensure we are best positioned in the short term and add incremental leverage to our business as market conditions improve. We remain on track to achieve our profitability goals for next year as well as the medium-term outlook that we shared with you during our Investor Day.

因此，我們正在關注利率環境。我們十多年來首次看到 10 年期公債殖利率達到 5%，這在短期內對我們的客戶和我們產生了真正的影響。儘管如此，我們樂觀地認為我們在我們控制的範圍內執行得很好。這意味著，我們將繼續專注於擴大我們的客戶群、我們的消費銀行業務、擴大我們從抵押貸款融資中獲得的價值，並保持為所有客戶提供高品質的服務。總而言之，這些行動將確保我們在短期內處於最佳位置，並隨著市場狀況的改善為我們的業務增加增量槓桿。我們仍有望實現明年的獲利目標以及我們在投資者日與您分享的中期前景。

Now shifting gears to talk about our mortgage suite of service. It's evident that the mortgage industry is navigating significant challenges, which is continuing to create heightened cost sensitivity and especially among non-depository institutions. As a response to these challenges, we're taking action to support this segment of the market, specifically the independent mortgage banks who are more cost conscious than ever with a streamlined version of our mortgage product called IMB Essentials. We believe IMB Essentials is calibrated to exactly what the independent mortgage banks need most in today's market. It allows for these IMBs to get started with Blend at a low cost with many of the critical benefits of Blend and for us, is a low lift out-of-the-box offering that is quick for our team to deploy.

現在讓我們來談談我們的抵押貸款服務套件。顯然，抵押貸款行業正在應對重大挑戰，這將繼續造成成本敏感性的提高，特別是在非存款機構中。為了應對這些挑戰，我們正在採取行動來支持這部分市場，特別是獨立抵押貸款銀行，他們比以往任何時候都更加註重成本，推出了名為 IMB Essentials 的簡化版抵押貸款產品。我們相信 IMB Essentials 已針對獨立抵押貸款銀行在當今市場上最需要的內容進行了調整。它允許這些 IMB 以低成本開始使用 Blend，並具有 Blend 的許多關鍵優勢，對我們來說，這是一種低升力開箱即用的產品，我們的團隊可以快速部署。

As the market recovers, these new customer relationships represent an opportunity to expand our offering into more advanced feature sets and more add-ons, which will drive incremental value for them, something that we've already proven and have a strong track record of executing on. We're encouraged by the early traction year and already in several active conversations on this offering with new prospects.

隨著市場復甦，這些新的客戶關係代表了一個機會，可以將我們的產品擴展到更高級的功能集和更多附加元件，這將為他們帶來增量價值，這是我們已經證明並擁有良好執行記錄的在。我們對今年早期的吸引力感到鼓舞，並且已經與新的潛在客戶就該產品進行了多次積極對話。

One important thing to note is that the cost pressures on the market are what is driving the adoption and utilization of our product add-ons like close and income, which drive tangible efficiencies and savings for our customers. Since this time last year, our add-on products have increased the economic value received per loan by $5, and our total value received per loan has increased by $9. This places us well on track to reach the over $90 per loan by next year, which we shared with you as a target during our Investor Day.

需要注意的一件重要事情是，市場上的成本壓力推動了我們的產品附加產品（如關閉和收入）的採用和利用，從而為我們的客戶帶來了切實的效率和節省。自去年這個時候以來，我們的附加產品使每筆貸款收到的經濟價值增加了 5 美元，每筆貸款收到的總價值增加了 9 美元。這使我們預計在明年達到每筆貸款超過 90 美元的目標，我們在投資者日期間與您分享了這一目標。

We also remain focused on enhancing our existing products that deliver lenders even more value and a more seamless experience in the time when they need the most. For example, we recently expanded our Blend Income product with MyPay, which adds more support for borrowers with military income. And by focusing on this, the largest U.S. employers payroll data source on our income waterfall, we've meaningfully improved coverage for all our customers.

我們也持續致力於增強現有產品，在貸款人最需要的時候為他們提供更多價值和更無縫的體驗。例如，我們最近透過 MyPay 擴展了 Blend Income 產品，這為有軍事收入的借款人提供了更多支援。透過專注於我們收入瀑布中最大的美國雇主薪資資料來源，我們有意義地提高了對所有客戶的覆蓋範圍。

Investing in add-on products is a strategy we'll continue with. These are low lift, low upfront opportunities for our customers that don't require signing a net new customer undertaking a very complicated deployment. It's just about helping our existing customers, get the full benefit of our feature set that result in tangible improvements in ROI and revenue capture per transaction.

投資附加產品是我們將繼續實施的策略。對於我們的客戶來說，這些都是低升值、低前期的機會，不需要簽約新客戶來進行非常複雜的部署。這只是為了幫助我們現有的客戶充分利用我們的功能集，從而切實提高投資回報率和每筆交易的收入。

On the topic of ROI, MarketWise Advisors conducted another annual independent study across more than 100 customers of Blends. And it showed a tangible and increasing contribution to that ROI. Blend's mortgage products increased transaction speed by over 44% in 2023, driving a significant increase in loan closing rates. And overall, the study showed that using our technology resulted in the average impact of $914 per loan, a $274 increase over the 2022 levels, amidst ongoing compression in customer margins, these savings are driving benefits to our customers at the time they really needed the most.

關於投資報酬率這個主題，MarketWise Advisors 對 100 多家 Blends 客戶進行了另一項年度獨立研究。它對投資回報率做出了切實且不斷增加的貢獻。 Blend 的抵押貸款產品在 2023 年將交易速度提高了 44% 以上，推動貸款成交率顯著提高。總體而言，研究表明，使用我們的技術導致每筆貸款的平均影響為914 美元，比2022 年的水平增加了274 美元，在客戶利潤持續壓縮的情況下，這些節省在我們的客戶真正需要貸款時為他們帶來了好處。最多。

But we're not just focused on the challenges to now, we're also building for the future and staying on offense for our customer base. One example of that is, we've recently begun building and testing Blend co-pilot, which is our AI-powered assistant that allows loan officers to be more efficient and offer a far more personalized touch for their prospective borrowers. I'm thrilled with the early interest we've been seeing on that. We have over 50 customers and prospects who signed up for the waiting list and after we first demo the capability, and we're continuing to explore with them over time.

但我們不僅專注於現在的挑戰，我們還在為未來而努力，並為我們的客戶群保持進攻。其中一個例子是，我們最近開始建立和測試 Blend co-pilot，這是我們的人工智慧助理，可以讓信貸員提高效率，並為潛在藉款人提供更個人化的服務。我對我們看到的早期興趣感到非常興奮。在我們首次展示該功能後，我們有超過 50 名客戶和潛在客戶註冊了等待名單，隨著時間的推移，我們將繼續與他們一起探索。

So to recap, we'll continue to stand by our customers during this time by delivering leading products that have a tangible return on investment and that help our customers continue to outperform the market average in the mortgage industry.

總而言之，在此期間，我們將繼續為客戶提供支持，提供具有實際投資回報的領先產品，並幫助我們的客戶繼續超越抵押貸款行業的市場平均水平。

Shifting gears a bit. In addition to mortgage, we're also focused on growing adoption of our Builder enabled consumer banking products, which, as I mentioned earlier, is generating double-digit consumer banking revenue growth for Blend this quarter. This is quickly becoming the biggest revenue opportunity for us next year as we see interest continue to build. And as a result, we believe that the revenue growth will accelerate from here.

稍微換檔。除了抵押貸款之外，我們還專注於越來越多地採用我們的Builder 支持的消費者銀行產品，正如我之前提到的，該產品為本季度為Blend 帶來了兩位數的消費者銀行收入增長。隨著我們看到興趣不斷增加，這很快就會成為我們明年最大的收入機會。因此，我們相信收入成長將從這裡開始加速。

As we mentioned at Investor Day, thanks to our Builder Platform, we are now able to get customers deployed in live much faster than before. Many of our new engagements this quarter have been able to kick off within a couple of weeks. As an example of this, we just recently signed a new credit union and are already tracking towards an early January launch. This time line represents a meaningful acceleration to what we could accomplish even a year ago and something our customers really love about Blend. And we're encouraged by the urgency our customers have to deploy this value-accretive solution quickly within their business.

正如我們在投資者日提到的，由於我們的建置平台，我們現在能夠比以前更快地讓客戶進行即時部署。本季我們的許多新活動都在幾週內開始。舉個例子，我們最近剛簽署了一個新的信用合作社，並且已經準備在一月初啟動。這個時間表代表著我們在一年前就能完成的任務的有意義的加速，也是我們的客戶真正喜歡 Blend 的地方。我們的客戶迫切需要在其業務中快速部署這項增值解決方案，這讓我們深受鼓舞。

On top of that, our Consumer Banking solutions are showing significant uplift and efficiency for our customers once lot. We recently expanded our relationship with our regional credit unions taking a unified product experience that has not only simplified their support structure, but also driven increased conversion rates, accelerated onboarding and enhance their overall banking experience. This collaboration has led to substantial improvements. Most notably, it reduced manual processing time for deposit accounts from 11 days down to just 7 minutes and additionally, mortgage applications that took 2 weeks are now completed in under an hour. So overall, the team has been able to save over 9,000 manual hours of processing time already facilitated by dynamic real-time integrations and a great experience, ultimately allowing their team to redirect their efforts towards assisting members rather than processing applications.

最重要的是，我們的消費者銀行解決方案為我們的客戶帶來了顯著的提升和效率。我們最近擴大了與區域信用合作社的關係，採用統一的產品體驗，這不僅簡化了他們的支援結構，而且提高了轉換率，加速了入職並增強了他們的整體銀行體驗。這種合作帶來了實質的改進。最值得注意的是，它將存款帳戶的手動處理時間從 11 天減少到僅 7 分鐘，此外，過去需要兩週的抵押貸款申請現在在一小時內即可完成。因此，總體而言，透過動態即時整合和出色的體驗，團隊已經能夠節省 9,000 多個手動處理時間，最終使他們的團隊能夠將精力轉向協助成員而不是處理申請。

It's clear that our customers are increasingly recognizing the value of Blend's Platform and Blend Builder as the single foundation for their entire ecosystem, enabling them to leverage the speed, flexibility and data across business lines to deliver the highly personalized experiences and recommendations faster and better than they have been able to before.

顯然，我們的客戶越來越認識到Blend 平台和Blend Builder 作為整個生態系統的單一基礎的價值，使他們能夠利用跨業務線的速度、靈活性和數據，更快、更好地提供高度個人化的體驗和建議。他們以前就能夠做到。

And as we convert more and more of our customers to Blend Builder, they're well positioned with our technology to grow their business and their deposit bases, increasing revenue and profitability as a result, which is so important to us to be able to support that kind of success. And that's the core of our builder-driven growth strategy, which will continue to be a focus area for us going forward.

隨著我們越來越多的客戶轉向 Blend Builder，他們能夠利用我們的技術來發展他們的業務和存款基礎，從而增加收入和盈利能力，這對我們能夠提供支援非常重要那種成功。這是我們建築商驅動的成長策略的核心，這將繼續成為我們未來的重點領域。

Before passing it over to Amir, I want to briefly touch on something that's very important to us right now, which is the progress we've made on our path to profitability and our cost management efforts. I'm pleased to share that we're ahead of our cost saving targets that we set out last year. Back then, we told you that we expected to reduce our non-GAAP net operating losses to $20 million per quarter by the end of 2023, we've now reported 2 quarters below this target, reducing our non-GAAP net operating loss to negative $15.9 million in the most recent quarter, well within our narrow guidance range.

在將其交給阿米爾之前，我想簡要談談目前對我們非常重要的事情，即我們在盈利和成本管理努力方面取得的進展。我很高興地告訴大家，我們已經提前達成了去年所訂定的成本節約目標。當時，我們告訴過您，我們預計到2023 年底將非GAAP 淨營運虧損減少至每季度2000 萬美元，現在我們報告的結果比該目標低了2 個季度，將我們的非GAAP 淨營運虧損減少至負數最近一個季度的收入為 1,590 萬美元，完全在我們狹窄的指導範圍之內。

I also want to call out our Title business, which, in Q3, returned to the high teens gross margin, which -- this is an encouraging signal because we found the right operating model even amidst historically low macroeconomic environment for this business. While there will be likely headwinds ahead of us as 10-year treasury yields continue to rise or 30-year rates continue to stay high, we feel comfortable that we can continue to operate this business with positive non-GAAP gross margins going forward.

我還想提及我們的產權業務，該業務在第三季度恢復了十幾歲的毛利率，這是一個令人鼓舞的信號，因為即使在該業務處於歷史低點的宏觀經濟環境中，我們也找到了正確的營運模式。儘管隨著10 年期公債殖利率繼續上升或30 年期公債殖利率繼續保持高位，我們可能會遇到阻力，但我們感到放心的是，我們可以繼續經營這項業務，並保持積極的非公認會計準則毛利率。

I'm really encouraged by the progress we're making on the ambitious non-GAAP net income targets we set last year. We established this momentum, and we will continue to trend in the right direction as we leverage Builder across more and more customers. This will enable us to speed up the pace of innovation, which means more value to our customers and ultimately more revenue capture for us. While the market conditions are sending signs, the industry volumes may remain lower in the short term, we are confident in our strategy and it's well suited for the current environment, and will make us well positioned for when the industry conditions ultimately normalize.

我們在去年設定的雄心勃勃的非公認會計準則淨利潤目標方面所取得的進展讓我感到非常鼓舞。我們已經建立了這種勢頭，並且隨著我們在越來越多的客戶中利用 Builder，我們將繼續朝著正確的方向發展。這將使我們能夠加快創新步伐，這意味著為我們的客戶帶來更多價值，並最終為我們帶來更多收入。雖然市場狀況正在發出跡象，但行業銷售在短期內可能仍處於較低水平，但我們對我們的策略充滿信心，它非常適合當前的環境，並將使我們在行業狀況最終正常化時處於有利地位。

In closing, we remain on offense, and we'll continue to deliver the best possible experience in a cost competitive way for our customers. Now let me turn it over to Amir to talk to our key numbers for Q3 and our guidance for next quarter.

最後，我們仍然保持進攻，我們將繼續以具有成本競爭力的方式為我們的客戶提供最佳的體驗。現在讓我把它交給阿米爾，談談我們第三季的關鍵數據和下一季的指導。

Thank you, Nima, and good afternoon, everyone. I'm pleased to be joining you today to discuss our financial results for the third quarter. Our third quarter marks another period of strong execution against a challenging economic backdrop and an important way point towards our ultimate goal of non-GAAP operating profitability by next year. Before I jump into the results, let me just remind you that unless otherwise stated, all results are non-GAAP.

謝謝尼瑪，大家下午好。我很高興今天能與大家一起討論我們第三季的財務表現。我們的第三季標誌著在充滿挑戰的經濟背景下又一個強有力的執行時期，也是我們實現明年非公認會計準則營運獲利最終目標的重要途徑。在我開始討論結果之前，我想提醒您，除非另有說明，否則所有結果都是非公認的會計準則。

Total company revenues in the third quarter were $40.6 million, ahead of the midpoint of our original guidance and in line with our updated outlook from our Investor Day in late September. We reported platform revenue of $28.6 million, which also fell within our revised guidance range. Our mortgage banking suite revenue declined by 11% year-over-year to $20.3 million despite the origination environment declining 14% over the same period as measured by the Mortgage Bankers Association. This continues a trend of 7 consecutive quarters of outperformance against broader market declines.

第三季公司總收入為 4,060 萬美元，高於我們最初指引的中位數，也符合我們在 9 月底投資者日的最新展望。我們報告的平台收入為 2860 萬美元，也落在我們修訂後的指導範圍內。儘管抵押貸款銀行家協會衡量的同期發起環境下降了 14%，但我們的抵押貸款銀行套件收入仍同比下降 11% 至 2,030 萬美元。這延續了連續 7 個季度表現優於大盤下跌的趨勢。

Our mortgage suite economic value per funded loan rose to $86 from $77 in the same period last year, representing continued growth in utilization of our value-accretive add-on products. As a reminder, we first disclosed economic value for funded loan at our Investor Day in September, representing the contractual rates for mortgage and add-on products multiplied by the number of loans funded or transactions completed by our customers in the period divided by the total number of loans funded by customers in that same period. We continue to believe the progress on this front is an encouraging sign our customers are realizing the benefit of ROI positive enhancements to their mortgage origination process via Blend and are growing their adoption of these at an incredibly rapid pace.

我們的抵押貸款套件每筆資助貸款的經濟價值從去年同期的 77 美元上升到 86 美元，這表明我們增值附加產品的利用率持續增長。謹此提醒，我們在 9 月的投資者日首次披露了融資貸款的經濟價值，即抵押貸款和附加產品的合約利率乘以客戶在此期間融資的貸款數量或完成的交易數量除以總額同期客戶資助的貸款數量。我們仍然相信，這方面的進展是一個令人鼓舞的跡象，我們的客戶正在認識到透過Blend 對其抵押貸款發放流程進行投資回報率積極增強的好處，並以令人難以置信的速度增加對這些的採用。

We saw a slight shift in our market share. We attribute this to the industry conditions driving elevated levels of consolidation as well as some customers exiting their mortgage businesses entirely. As Nima mentioned, we believe our IMB Essentials product is well calibrated to the most immediate needs of our customer base today and are encouraged by the levels of early interest here. We continue to believe that technology is a key differentiator for mortgage customers, even more so as the industry leans into efficiency while volumes remain depressed.

我們看到我們的市場份額發生了輕微的變化。我們將此歸因於行業狀況推動了整合水準的提高，以及一些客戶完全退出了抵押貸款業務。正如 Nima 所提到的，我們相信我們的 IMB Essentials 產品能夠很好地滿足當今客戶群最直接的需求，並且受到早期興趣水平的鼓舞。我們仍然相信，技術是抵押貸款客戶的關鍵差異化因素，尤其是在該行業在數量仍然低迷的情況下傾向於提高效率的情況下。

I also want to remind you that in our 3-year outlook, we outlined in September, our base and conservative scenarios considered a market share in the low 20s. We still believe this is a conservative outlook, even factoring the near-term headwinds we've seen within certain segments of our customer base.

我還想提醒您，在我們 9 月概述的 3 年展望中，我們的基本情景和保守情景認為市場份額在 20 左右。我們仍然認為這是一個保守的前景，即使考慮到我們在某些​​客戶群中看到的近期阻力。

Turning to Consumer Banking. Our Consumer Banking suite revenue totaled $6.2 million in Q3, an increase of 18% as compared to the prior year period. This growth reflects new deployments and ramp-ups across our Builder powered consumer suite of offerings over the past year, as well as the contribution from incremental platform fees. We believe we're in the early innings of the upside unlocked by the Builder Platform. We expect to see this growth accelerate even further as we continue to work through our slate of Consumer Banking deployments and convert more of our sales pipeline.

轉向消費者銀行業務。第三季我們的消費者銀行套件營收總計 620 萬美元，比去年同期成長 18%。這一增長反映了過去一年我們由 Builder 支援的消費者產品套件的新部署和增加，以及增量平台費用的貢獻。我們相信，我們正處於 Builder 平台釋放優勢的早期階段。隨著我們繼續完成一系列消費者銀行業務部署並轉換更多的銷售管道，我們預計這種成長將進一步加速。

We expect this to translate into the mid-30s compounded annual growth outlook over the next 3 years, which we first shared with you at our Investor Day. We also generated $2.1 million in professional services revenue, up 18% from last year due to fees associated with our ongoing slate of Consumer Banking deployments. We reported Title revenue of $11.9 million, near the high end of our original guidance and in line with our expectations amidst a challenging environment.

我們預計這將轉化為未來 3 年 30 多歲的複合年增長前景，這是我們在投資者日首次與您分享的。我們還產生了 210 萬美元的專業服務收入，比去年增長 18%，這得益於我們正在進行的消費者銀行部署的相關費用。我們報告的遊戲收入為 1190 萬美元，接近我們最初指導的上限，符合我們在充滿挑戰的環境中的預期。

Moving on to gross profit. Total company non-GAAP gross profit was $22.3 million, which was 3% above the same period last year despite a 27% decline in our total revenue. Our non-GAAP platform gross margin showed continued improvement reaching 71% compared with 68% a year prior.

轉向毛利。儘管我們的總收入下降了 27%，但公司非 GAAP 毛利總額為 2,230 萬美元，比去年同期成長了 3%。我們的非 GAAP 平台毛利率持續改善，達到 71%，去年同期為 68%。

For software, we reported non-GAAP software gross margins of 79%, up from 76% from the same period last year. Our gross margin expansion reflects the benefits of increased higher margin consumer banking suite revenues as well as the vendor optimizations we've implemented within our mortgage suite. We continue to be optimistic regarding our gross margin performance and affirm our belief that 80% represents an achievable target for non-GAAP software gross margins next year.

對於軟體，我們報告非 GAAP 軟體毛利率為 79%，高於去年同期的 76%。我們的毛利率擴張反映了更高利潤的消費銀行套件收入的增加以及我們在抵押貸款套件中實施的供應商優化的好處。我們對毛利率表現持續持樂觀態度，並堅信 80% 是明年非 GAAP 軟體毛利率的可實現目標。

Our professional services business margins experienced some headwinds this quarter relating to the timing of certain project milestones. I want to call out that we are evolving our professional services model away from a fixed scope structure for new contracts and are instead moving towards time and materials pricing. As more effort is directed towards Consumer Banking deployments, and new pricing is increasingly adopted for key renewals, we expect our Professional Services margins to stabilize and generate consistent positive contribution.

本季度，我們的專業服務業務利潤率因某些專案里程碑的時間安排而遭遇一些阻力。我想指出的是，我們正在發展我們的專業服務模式，擺脫新合約的固定範圍結構，而是轉向時間和材料定價。隨著更多的努力轉向消費者銀行業務部署，並且越來越多地採用新的定價來進行關鍵續訂，我們預計我們的專業服務利潤率將穩定並產生持續的積極貢獻。

Our non-GAAP Title margins improved to 17% for the third quarter, increasing meaningfully year-over-year from 5% in the third quarter this time last year and improving 6 percentage points quarter-over-quarter. This improvement reflects the ongoing cost optimization programs we've undertaken and highlights our ability to align the cost to deliver this service within their current economic climate.

第三季我們的非 GAAP 標題利潤率提高至 17%，較去年同期的 5% 大幅成長，較上季提高 6 個百分點。這項改進反映了我們正在進行的成本優化計劃，並突顯了我們在當前經濟環境下調整成本以提供這項服務的能力。

We've made substantial progress aligning our cost base and generating higher positive non-GAAP gross margin from our Title business, but this market remains incredibly dynamic. The next 2 quarters represent seasonally low levels of activity for our Title business compounded by elevated 30-year fixed rates. While our approach to align our cost base remains unchanged, uncertainty regarding the level of refinancing activity in the next 2 quarters could place modest pressures on these margins. We have earmarked the margins we reported this quarter as a benchmark for next year.

我們在調整成本基礎和從我們的產權業務中產生更高的非公認會計準則毛利率方面取得了實質進展，但這個市場仍然充滿活力。接下來的 2 個季度，我們的產權業務活動處於季節性低水平，加上 30 年固定利率上升。雖然我們調整成本基礎的方法保持不變，但未來兩季再融資活動水準的不確定性可能會對這些利潤率造成適度壓力。我們已將本季報告的利潤率指定為明年的基準。

Non-GAAP operating costs for the third quarter totaled $38.2 million compared with $58.7 million in the previous year. This improvement reflects the full realization of the January 2023 cost initiatives and 2 months of the platform realignment savings program we introduced during the last quarter. We remain on track to nearly half our annual non-GAAP operating expenses in 2024 compared to 2022 levels. Our non-GAAP loss from operations was $15.9 million in Q3 at the lower end of our revised range and representing the sixth consecutive quarter of improvement as we progress along our goal of achieving operating non-GAAP profitability next year.

第三季非 GAAP 營運成本總計 3,820 萬美元，而去年同期為 5,870 萬美元。這項改進反映了 2023 年 1 月成本計畫和我們在上個季度推出的 2 個月平台調整節省計畫的全面實現。與 2022 年的水準相比，我們仍有望在 2024 年將年度非 GAAP 營運支出減少近一半。第三季度，我們的非 GAAP 營運虧損為 1,590 萬美元，處於修訂範圍的下限，隨著我們朝著明年實現非 GAAP 營運盈利的目標不斷前進，這代表著連續第六個季度的改善。

The improvement in our non-GAAP operating loss met our expectations, benefiting from resilient revenue in our mortgage business, sustained higher margins and the adoption of greater financial leverage through continued improvement in our operating efficiency. We remain on track to achieve our goal of generating positive non-GAAP operating profit by the fourth quarter next year. While we continue to take efficiency actions that we believe could accelerate this earlier in the year, the timing will ultimately remain dependent on the level of origination activity, which is uncertain. With that, we remain committed to this goal and have identified areas to adapt our operating model to achieve profitability should the market environment deteriorate further.

我們的非公認會計準則經營虧損的改善符合我們的預期，這得益於我們抵押貸款業務的彈性收入、持續較高的利潤率以及透過不斷提高經營效率而採用更大的財務槓桿。我們仍有望實現明年第四季實現非公認會計準則營業利潤正值的目標。雖然我們繼續採取效率行動，我們認為這可能會在今年早些時候加速這一進程，但時間最終仍將取決於發起活動的水平，而這是不確定的。因此，我們仍然致力於實現這一目標，並確定了調整營運模式的領域，以便在市場環境進一步惡化時獲利。

We saw strong renewals and new customer signings that incorporated committed fees. This translated into growth in our remaining performance obligations this quarter, which reached $58.9 million in the third quarter. Evidence of this of nearly half of our forecasted mortgage and home equity volume that was eligible for renewal in the third quarter was prepurchased under contract, a majority of which were multiyear contracts with annual in advance payment terms. When compared to our [PayGo] model, which is built a month in arrears, this has a meaningful pull-forward benefit to our cash profile and is accelerating our free cash flow generation while adding incremental contract length.

我們看到了強勁的續約和新客戶簽約，其中包含了承諾費用。這轉化為我們本季剩餘履約義務的成長，第三季達到 5,890 萬美元。證據表明，我們預測的第三季有資格續約的抵押貸款和房屋淨值數量中近一半是根據合約預先購買的，其中大部分是具有年度預付款條款的多年期合約。與我們拖欠一個月建立的 [PayGo] 模型相比，這對我們的現金狀況具有有意義的拉前效益，並加速了我們自由現金流的產生，同時增加了增量合約期限。

We expect to see continued expansion in our RPO as we execute more renewals under our subscription model and as we enter into Platform deals with longer and larger commitments. This is particularly relevant in Q4, which has historically been our most active quarter for our sales team.

隨著我們在訂閱模式下執行更多續訂，以及我們與平台交易達成更長期、更大的承諾，我們預計 RPO 將繼續擴大。這在第四季尤其重要，歷來是我們銷售團隊最活躍的季度。

Q3 marked another quarter of improvement in our cash burn as measured by our free cash flow metric, which was less than half of the levels we incurred this time last year. Our actions to operate with efficiency in combination with our resilient top line and improved margins are having a real impact as we inflect towards positive cash generation.

根據自由現金流指標衡量，第三季我們的現金消耗又出現了四分之一的改善，不到去年同期的一半。隨著我們轉向積極的現金生成，我們的高效營運行動與我們彈性的營收和提高的利潤率相結合，正在產生真正的影響。

Now turning to the balance sheet. Our cash, cash equivalents, marketable securities, inclusive of restricted cash totaled $252 million as of the end of the third quarter. As I mentioned during our Investor Day, we are confident we have taken the appropriate measures to ensure our business remains well capitalized and that we have sufficient liquidity based on the current projections and in this macro environment.

現在轉向資產負債表。截至第三季末，我們的現金、現金等價物、有價證券（包括限制性現金）總計 2.52 億美元。正如我在投資者日期間提到的，我們有信心已採取適當措施，確保我們的業務保持充足的資本，並根據當前的預測和當前的宏觀環境，確保我們擁有充足的流動性。

Lastly, let me move on to our outlook for the final quarter of this year. As a reminder, at our Investor Day, we shared that we expected 2023 Platform revenue to be between $110 million and $114 million. After incorporating our third quarter results, this implies a fourth quarter platform outlook of between $26.3 million and $30.3 million. The industry we operate in remains highly dynamic, mortgage rates are cresting 2 decade highs, and prospective borrowers are seemingly willing to wait longer for rates or pricing to improve. It's still too early for us to predict how this will impact our Q4 volumes, but we are focused on continuing to execute on the areas that are in our control.

最後，讓我談談我們對今年最後一個季度的展望。提醒一下，在投資者日，我們預計 2023 年平台收入將在 1.1 億至 1.14 億美元之間。合併我們第三季的業績後，這意味著第四季的平台前景將在 2,630 萬美元至 3,030 萬美元之間。我們所處的行業仍然高度活躍，抵押貸款利率創下 20 年來的高點，潛在藉款人似乎願意等待更長的時間來等待利率或定價的改善。現在預測這將如何影響我們第四季的銷售還為時過早，但我們專注於繼續在我們控制的領域執行。

We are continuing to see good traction in our add-on products, delivering more value per loan, which is insulating our results somewhat from these headwinds. Similarly, our Consumer Banking revenue growth is pacing well within our expectations. Given the uncertainty within the macro environment, we are widening our fourth quarter platform outlook slightly and expect our revenue to be between $25 million and $30 million. Similarly, our Title outlook is being revised slightly to be between $9.5 million and $10.5 million. This sums up to a revised total company outlook of $34.5 million and $40.5 million.

我們繼續看到我們的附加產品具有良好的吸引力，每筆貸款提供更多價值，這在一定程度上使我們的業績免受這些不利因素的影響。同樣，我們的消費者銀行業務收入成長也完全符合我們的預期。鑑於宏觀環境的不確定性，我們略微擴大了第四季的平台前景，預計我們的營收將在 2,500 萬美元至 3,000 萬美元之間。同樣，我們的產權前景也略有調整，介於 950 萬美元至 1,050 萬美元之間。這總計修正後的公司總前景為 3,450 萬美元和 4,050 萬美元。

We expect our total non-GAAP operating loss to be between $17 million and $14 million in the fourth quarter, well below the $20 million target we set out last year and achieving this in one of our seasonally lowest quarters for industry volume. The midpoint of this outlook represents a nearly 65% improvement when compared to our fourth quarter operating loss in 2022, highlighting the progress we've made this year along our path to profitability.

我們預計第四季度的非公認會計準則營業虧損總額將在1700 萬美元至1400 萬美元之間，遠低於我們去年設定的2000 萬美元目標，並且是在行業銷售季節性最低的季度之一實現這一目標的。與 2022 年第四季的營運虧損相比，該展望的中點表示改善了近 65%，突顯了我們今年在獲利之路上取得的進展。

This operating results guide remains within the implied guidance that we shared at our Investor Day. We believe we have built the business and operating model to respond swiftly to the market fluctuations, and we will continue to adapt as conditions evolve. I want to reiterate that we remain confident in the longer-term targets we've shared with you and are encouraged by the strong set of opportunities we have in front of us. As we continue to execute, we are building resiliency in our model against the short-term fluctuations in the market and adding further diversification in our business that will serve as countercyclical offsets in the future. This is paramount to our strategy within our second phase, and we look forward to continuing to update you on the progress here.

本經營績效指南仍符合我們在投資者日分享的隱含指引。我們相信，我們已經建立了能夠快速應對市場波動的業務和營運模式，並且我們將隨著情況的發展而繼續適應。我想重申，我們對與你們分享的長期目標仍然充滿信心，並對我們面前一系列強大的機會感到鼓舞。隨著我們繼續執行，我們正在建立我們的模型抵禦市場短期波動的彈性，並進一步增加我們的業務多元化，這將在未來起到反週期抵消的作用。這對我們第二階段的策略至關重要，我們期待繼續向您通報最新進展。

With that, let me turn the call back to Nima for his closing remarks.

接下來，讓我把電話轉回給尼瑪，請他作總結發言。

Thanks, Amir. We're exiting this quarter focused on maximizing the value we deliver to our customers and optimizing our business to be a lasting partner for them for the future. I am incredibly proud of the progress we've made on our 2023 priorities and the execution towards our profitability goals. We're even more excited about the opportunities ahead of us, and I look forward to sharing the evolution of these priorities with you all early next year.

謝謝，阿米爾。我們將在本季結束時專注於最大限度地提高為客戶提供的價值並優化我們的業務，成為他們未來的持久合作夥伴。我對我們在 2023 年優先事項和實現盈利目標方面取得的進展感到無比自豪。我們對眼前的機會感到更加興奮，我期待明年初與大家分享這些優先事項的演變。

As a preview, you can expect to see the same effort on capital stewardship, innovation and operating leverage that you saw from us this year to continue to stay in focus in 2024. While the outlook for origination mortgages may be uncertain, we continue to build our business to excel throughout any macroeconomic cycle, and we'll continue to optimize our model to allow us to emerge through the cycle as a stronger organization.

作為預覽，您可以期望看到我們今年在資本管理、創新和營運槓桿方面所做的同樣的努力，並將在 2024 年繼續成為焦點。雖然原始抵押貸款的前景可能不確定，但我們將繼續構建我們的業務在任何宏觀經濟週期中都表現出色，我們將繼續優化我們的模式，使我們能夠在整個週期中成為一個更強大的組織。

With that, thank you again for joining. Bryan, we are now ready for questions.

在此，再次感謝您的加入。布萊恩，我們現在準備好提問了。

Thank you, Nima and Amir for your remarks. (Operator Instructions) Our first question comes from David Unger from Wells Fargo.

謝謝尼瑪和阿米爾的發言。 （操作員說明）我們的第一個問題來自富國銀行的 David Unger。

Appreciate the time today, guys. So as we look ahead to '24, I just wanted to think through a couple of things. First, I wanted to focus on head count planning, seeing some great progress in terms of OpEx saves. Particularly, I just had to learn about the go-to-market team and the focus there in terms of cross-selling strategy, et cetera, I'll start with there.

珍惜今天的時光，夥伴們。因此，當我們展望 24 週年時，我只想思考一些事情。首先，我想專注於人員數量規劃，看到在節省營運支出方面取得了一些巨大進展。特別是，我只需要了解進入市場團隊以及交叉銷售策略等方面的重點，我將從那裡開始。

Yes. David, is that a question about head count or does our overall strategy and where we're focusing next year on the main market side?

是的。大衛，這是一個關於員工數量的問題，還是我們的整體策略以及我們明年在主要市場方面的重點？

Head count planning, I know we've seen sales across the different lines, but the go-to-market team has been doing a great job and particularly interested in that strategy in sales and marketing.

人員數量規劃，我知道我們已經看到了不同產品線的銷售，但進入市場團隊一直做得很好，並且對銷售和行銷策略特別感興趣。

Yes, it's a good question. Just to step back a little bit, in vertical software companies like Blend, Almost all of our success has begotten by other success. And so the first job of the go-to-market team is actually to ensure success of existing customers because those customers end up becoming the references for other banks and lenders to sign up with Blend. And whenever you release a new solution like Blend Income or Blend Close or consumer banking product, they become the first ones to want to sign up for it.

是的，這是一個好問題。退一步來說，在像 Blend 這樣的垂直軟體公司中，我們幾乎所有的成功都是由其他成功帶來的。因此，進入市場團隊的首要任務實際上是確保現有客戶的成功，因為這些客戶最終會成為其他銀行和貸款人與 Blend 簽約的參考。每當您發布 Blend Income 或 Blend Close 等新解決方案或消費者銀行產品時，他們都會成為第一個想要註冊的人。

So first and foremost, go-to-market is always around how do we make sure our customers are getting a lot of return on investment, are really successful, and we have a great relationship with them. And then it's looking for opportunities to help grow and improve their business. And it could be the next product from blend that we're offering or could be market feedback they're giving to us. And so we've kind of designed our go-to-market team around making existing customers extremely successful, turning those in the case studies, turning those into upselling growth. And I think that's the same formula we're going to do for the next end number of years. As long as we have more product growth ahead of us, which we think we do, that's the same formula do going forward and 2024 will be no exception.

因此，首先也是最重要的是，進入市場始終圍繞著我們如何確保我們的客戶獲得大量投資回報、真正成功以及我們與他們建立良好的關係。然後，它會尋找機會來幫助發展和改善其業務。它可能是我們提供的下一個混合產品，也可能是他們給我們的市場回饋。因此，我們圍繞著如何讓現有客戶取得巨大成功來設計我們的上市團隊，將這些客戶轉化為案例研究中的客戶，將其轉化為追加銷售的成長。我認為這與我們在接下來的幾年中將採用的公式相同。只要我們面前有更多的產品成長（我們認為我們確實如此），未來的公式就是相同的，2024 年也不例外。

Okay. Great. And then obviously, the mortgage market is challenged. But just looking at the [IMB] forecast, it looks like, hopefully, this is the trough year. Just wondering the pipeline trends you're seeing with banking customers looking into next year?

好的。偉大的。顯然，抵押貸款市場面臨挑戰。但只要看看 [IMB] 的預測，看起來，希望今年是低谷年。只是想知道您所看到的銀行客戶明年的管道趨勢？

Actually, I mentioned that we have 60 opportunities in my prepared remarks that are in flight right now. It does range the full spectrum of IMBs, to mortgage companies, to credit unions, to banks, homebuilders. But I'd say the majority of where people are looking to transform is in the deposits and consumer loan space in the bank. And so we're seeing opportunity across the board. That's where we see the most opportunity. Deposit growth is so important for banks and credit unions right now, given the market. And so that's where we're getting a lot of the primary revenue growth for next year.

事實上，我在我準備好的發言中提到我們有 60 個機會，這些機會現在正在實施中。它確實涵蓋了所有的 IMB、抵押貸款公司、信用合作社、銀行、房屋建築商。但我想說，人們尋求轉型的大部分領域是銀行的存款和消費貸款領域。因此，我們看到了全面的機會。這就是我們看到最多機會的地方。鑑於市場，目前存款成長對銀行和信用社來說非常重要。因此，這就是我們明年主要收入成長的主要來源。

Our next question comes from Dylan Becker from William Blair.

我們的下一個問題來自威廉·布萊爾的迪倫·貝克爾。

Maybe, Nima, starting with that, as you're thinking about streamlining on the innovation front, right, kind of managing the cost structure here, how do you think about going deeper in value versus broadening kind of the capability set? I know Builder likely enables a lot of both. But wondering how you're thinking about the evolution and ensuring kind of product excellence with further revenue diversification across different product lines?

也許，尼瑪，從這一點開始，當你考慮在創新方面進行精簡時，對，管理這裡的成本結構，你如何看待更深層次的價值而不是擴大能力集？我知道 Builder 可能同時支援這兩種功能。但想知道您如何考慮演變並確保產品卓越性以及跨不同產品線的進一步收入多元化？

Yes. Going back to what I said to the earlier question, I think making existing customers more successful, almost always leads to more revenue for Blend. And so going deeper is always the first primary focus because it leads to either deeper add-ons or more revenue per unit on the core product. And that -- because you're happier customers who are getting more return on their investment. And so going deeper, we've shown this historically, our revenue per unit, because we've gone deeper and deeper has grown materially in the last 2 or 3 years.

是的。回到我之前提到的問題，我認為讓現有客戶更成功幾乎總是能為 Blend 帶來更多收入。因此，深入始終是首要關注點，因為它會帶來更深的附加產品或核心產品的單位收入。那是因為您是更快樂的客戶，他們的投資獲得了更多回報。因此，更深入地說，我們從歷史上顯示了這一點，我們的單位收入，因為我們越來越深入，在過去的兩三年裡有了實質的成長。

That being said, I think we are looking at -- sort of think about it on the cadence of maybe 1 approximate new product area a year that we'll go and expand into. That will be an expansive area, a new market opportunity for us. And it could range from whether it's small business, commercial, these are not specific ones we're working on to AI products that we're looking at, just something we're going to look at on a regular basis, the leadership team and make sure we're focusing on where the market needs the most help in advancing their technology stack.

話雖這麼說，我認為我們正在考慮——以每年大約一個新產品領域的節奏來思考，我們將進入並擴展到這一領域。這將是一個廣泛的領域，對我們來說是一個新的市場機會。它的範圍可以是小型企業、商業，這些都不是我們正在開發的特定產品，也可以是我們正在研究的人工智慧產品，只是我們要定期關注的東西、領導團隊和確保我們專注於市場在推進技術堆疊方面最需要幫助的領域。

Our next question comes from Nikhil Vijay with KBW.

我們的下一個問題來自 KBW 的 Nikhil Vijay。

Firstly, I just wanted to touch up on what you have discussed earlier regarding the potential to consider strategic actions to bolster the balance sheet with respect to the term loan or Title365 put option. Can you please provide any update on your thinking there in terms of the options or potential timing? And then I also have a quick follow-up on platform fees.

首先，我只是想談談您之前討論過的關於考慮採取策略行動來加強定期貸款或 Title365 看跌期權資產負債表的可能性的內容。您能否提供有關選項或潛在時間安排方面您的想法的最新資訊？然後我也對平台費用進行了快速跟進。

Absolutely. We're going to reinforce the message we've shared Nikhil, which is, we continue to emphasize the potential that we have in terms of different actions that we can take. We're going to be opportunistic starting first and foremost with the actions that we're taking across this company to get us to the path of profitability, which actually allow us to have expanded opportunities in front of us. There's nothing for us to, in essence, comment on today on the term loan or on the put option beyond what we've already shared.

絕對地。我們將強化我們與尼基爾分享的訊息，即我們繼續強調我們在可以採取的不同行動方面的潛力。我們將首先採取機會主義態度，從我們在整個公司採取的行動開始，使我們走上盈利之路，這實際上使我們能夠擁有更多的機會。本質上，除了我們已經分享的內容之外，我們今天對定期貸款或看跌期權沒有什麼可評論的。

Got it. Understood. And then as a follow-up on the platform fees, can you briefly discuss the platform fees you have been implementing across the different platforms. Are there material enough to increase the recurring revenue mix of the business over time? And more broadly, can you also talk about your approach to recurring versus transaction revenue models going forward?

知道了。明白了。然後，作為平台費用的後續，您能否簡要討論一下您在不同平台上實施的平台費用。隨著時間的推移，是否有足夠的材料來增加業務的經常性收入組合？更廣泛地說，您能否談談您未來的經常性收入模式與交易收入模式的方法？

Yes. I think just to give a backdrop of what the platform fees are for, with Blend Builder, you still get the same amazing solutions that you could get out of the box previously with Blend. But for people who want to have access to a more powerful platform, you get more APIs, much more flexibility in the flows, get a lot more integration capabilities. And so it basically allows them to do get a lot more from the same product that they would have been getting from us 5 years ago because it's such a modern platform.

是的。我認為，為了了解平台費用的背景，使用 Blend Builder，您仍然可以獲得與之前使用 Blend 一樣開箱即用的令人驚嘆的解決方案。但對於想要存取更強大平台的人來說，您可以獲得更多的 API、流程的更大靈活性以及更多的整合功能。因此，它基本上允許他們從 5 年前從我們這裡獲得的相同產品中獲得更多，因為這是一個如此現代化的平台。

And so in terms of how material it's going to be to our overall revenue, we haven't shared that broadly, but it is a meaningful value to our customers and we charge a fair amount for that value that we provide to our customers.

因此，就其對我們整體收入的重要性而言，我們尚未廣泛分享，但它對我們的客戶來說是一個有意義的價值，我們對向客戶提供的價值收取相當高的費用。

What was the second part of the question, Nikhil? Was it about recurring versus transaction-based revenue. Maybe, Amir, you can take that one.

尼基爾，問題的第二部分是什麼？是關於經常性收入還是基於交易的收入？也許，阿米爾，你可以接受那個。

Yes. I think to expand on what Nima said, there's a balance for us. Remember, as we go into new products and new strategies, not everything can actually follow a perfectly transaction-based approach. And this is part of the diversification that we rolled out intentionally. So for us, again, we have not given specific guidance to mix as an example. But what we've shared consistent with our Investor Day is that there will be diversification. By the way, you're seeing this play out in our RPO stance, and you'll continue to see it because as you think about consumption versus in essence, the reoccurring models, it's high to not just platform, but our ability to drive difference in essence, unit economic monetization tied to new product initiatives. And you'll see that continue to play out in the near future.

是的。我認為擴展一下尼瑪所說的，我們有一個平衡。請記住，當我們進入新產品和新策略時，並不是所有事情都能真正遵循完美的基於交易的方法。這是我們有意推出的多元化的一部分。所以對我們來說，我們並沒有給出具體的混合指導作為範例。但我們在投資者日分享的一致觀點是，將會出現多元化。順便說一句，您將在我們的RPO 立場中看到這一點，並且您將繼續看到它，因為當您考慮消費與本質上的重複模型時，它不僅對平台很重要，而且對我們推動的能力也很重要本質上的差異是，單位經濟貨幣化與新產品計畫相關。你會看到這種情況在不久的將來會繼續發生。

(Operator Instructions) Seeing no further questions, that concludes today's call. Thank you.

（操作員說明）由於沒有其他問題，今天的電話會議到此結束。謝謝。